Burger King Worldwide Continues Its Aggressive Global Expansion Plans with a New Franchise Agreement in Colombia
BURGER KING® Brand Presence in Colombia Will Grow Five Fold Within The Next Five Years
MIAMI & BOGOTA, Colombia - (BUSINESS WIRE) - Oct. 23, 2012 - Burger King Worldwide (NYSE: BKW) today announced an exclusive restaurant development agreement with Fondo Escala Capital and Promotora to further develop the Burger King® brand in Colombia by more than 100 new points of sale within the next five years. As part of the transaction, Fondo Escala Capital and Promotora have agreed to acquire a majority stake in Kinco, S.A.S., currently a franchisee of Burger King Worldwide.
"Colombia's economy is thriving and we believe this is a valuable market in our strategic mission to expand our footprint in the Latin America and Caribbean region," stated Jose Tomas, president, Latin America and Caribbean, Burger King Worldwide. "There is a tremendous opportunity to grow the Burger King® brand in Colombia and this deal is an important step in realizing that opportunity."
President of Promotora Francisco Mira said, "This is a great opportunity for our fund to invest in a high growth potential business that represents a worldwide successful brand such as BURGER KING® with its superior quality products."
Burger King Worldwide entered Colombia in 2008 and the Burger King® brand currently enjoys a strong consumer following throughout Latin America and the Caribbean with a presence in 29 countries across the region and approximately 1,250 restaurants in the region.
About Burger King Worldwide
Founded in 1954Burger King® (NYSE: BKW) is the second largest fast food hamburger chain in the world. The original HOME OF THE WHOPPER®, the Burger King® system operates in over 12,600 locations serving over 11 million guests daily in 86 countries and territories worldwide. Approximately 94 percent of Burger King® restaurants are owned and operated by independent franchisees, many of them family-owned operations that have been in business for decades. To learn more about Burger King Worldwide, please visit the company's website at www.bk.com or follow us on Facebook and Twitter.
About Fondo Escala
Fondo Escala Capital is a Colombian private equity fund managed by Promotora. The fund partners with skilled management teams to capitalize successful businesses with high growth potential and product differentiation. With this deal Fondo Escala Capital completes the investment in its fifth portfolio company. The funds come from pension funds, insurance companies, development banks and institutional investors, and are trusted to Valores Bancolombia.
Promotora is a company founded in 1987 based in Medellin, Colombia, dedicated to organize, mobilize and manage resources investment to facilitate the creation and growth of SMEs in Colombia through its units of Investment Banking and Fund Management. Promotora currently manages a venture capital fund investing in early stage companies and a growth private equity fund investing in SMEs. The funds managed by Promotora have a value of around U.S. $70 million.
Source: Burger King Worldwide
Burger King Worldwide
Vice President, Global Communications and Culture